“Three great weeks, perhaps the best ever, but today is the big one: reciprocal tariffs!!! Make America great again!!!” Trump said in a post in all capital letters on his Truth Social platform.
Trump has announced a broad range of tariffs targeting some of the United States’ biggest trading partners since taking office, arguing that it would help balance trade -- and in some cases using the threats as a way to influence policy.
Economists, however, warn that his broad-ranging tariffs on US imports would likely boost inflation, not reduce it.
Countries such as South Korea that have trade deals with Washington are less at risk from this move, analysts believe.
For example, if India imposes a 25-percent tariff on US autos, Washington will have a 25-percent tariff as well on imports of autos from India, explained a Nomura report this week.
“Trump’s objective of implementing reciprocal tariffs is to ensure fair treatment for US exports, which could indirectly also address US trade imbalances with partner countries,“ analysts at Nomura said.
Thailand has a 6.2-percent rate and China a 7.1-percent rate on US products.
It remains unclear if Trump views reciprocal tariffs as an alternative to a universal tariff of between 10 and 20 percent, which he floated in the lead-up to last year’s US presidential election, or as a separate policy.
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